Women in Banking Careers

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by Shaileja Mammen

As a result of mergers and consolidations over the last two decades, the number of banks has decreased. Additionally, the impact of technology on the banking industry has reduced the need for ATM machines and changed job profiles, although the numbers of banking jobs in the areas of loans, customer service, financial services sales, and international banking are expected to rise. Banking organizations, including commercial banks, savings banks, loan associations, credit unions, and multinational banks, are now offering consumer-banking operations, investment banking, asset management, and a wide range of advisory and transaction management services to individual and corporate clients.

Women are making their presence known in the banking industry, which was once almost entirely dominated by men.

Women are making their presence known in the banking industry, which was once almost entirely dominated by men. Acknowledging women’s contributions to the growth of banking, U.S. Banker has been ranking “The 25 Most Powerful Women in Banking” every year for the past few years.

Many women pursuing banking careers have reached powerful positions. Bank of America, JPMorgan Chase, Citigroup, East West Bank, Wells Fargo, TD Banknorth, U.S. Bancorp, Sterling Savings Bank, and Wachovia all have women in their upper echelons of management.

U.S. Banker also recognizes “Top Banking Teams.” The 2006 awards in this category went to U.S. Bancorp, Wells Fargo, and Citigroup. Based on factors like financial performance of the company, percentage of female corporate officers and management committee members, number of senior women executives in the company, financial performance of women executives in leading business units and functional areas, and analysts’ feedback on women positioned for growth, these awards acknowledge the roles and contributions of women in the banking industry.

The women who comprised the winning teams at the three banks represented all functions of the banking industry, demonstrating that women are excelling in banking careers in all functional areas, including commercial real estate, commercial banking, consumer banking, wealth management, corporate banking, and payments. Women working for banks also head business support units, including finance, human resources, risk, legal, operations, technology, and credit divisions.

Banks are “the best places to work,” according to Fortune as well as many working mothers. While discrimination still exists, the height of the glass ceiling has risen, providing women opportunities to rise further in their banking careers. Advancement is possible even for women who start out working as tellers since banks provide on-the-job training. Management training programs offer chances for women to prove their worth and chart their growth.